Carnival Corp., the world’s largest cruise company, on Tuesday said Josh Weinstein, its chief operations officer, would become the next chief executive, taking over the role from Arnold Donald.

Donald, 67, has been CEO of Carnival for nine years and had led the company to post a record profit in 2018 before the COVID-19 pandemic jolted the cruise industry. He will become the vice chair of the company, effective Aug. 1. 

A 20-year veteran of Carnival, Weinstein, 48, takes over at a crucial time for the company as it gradually restarts operations after a long pandemic-led hiatus and navigates new issues including a surge in fuel prices due to the Russia-Ukraine crisis.

During his tenure as COO, Weinstein oversaw all of Carnival’s major operational functions, including overseeing the company’s maritime operations, ports of call and auditing functions.

Earlier this month, Carnival forecast a loss for a third straight year, as it grapples with soaring fuel costs. 

The company has said it expects the full fleets of its nine major cruise line brands to start sailing again by the end of this year.

Carnival’s US-listed shares fell 6.5% in afternoon trad amid broader declines on Wall Street.